G20 to launch initiative to reduce food price volatility

Jun 10 2011

The G20 plans to launch an initiative aimed at reducing food price volatility when the group's agriculture ministers meet this month in France, the Financial Times reports. According to the newspaper, G20 agriculture ministers will discuss the details of the Agriculture Market Information System (AMIS) initiative during their meeting in Paris, which begins on June 22. "The initiative could be in operation by the end of the year and initially would only cover wheat, corn, rice and soyabeans on a monthly basis, according to a G20 official" (Blas, 6/7). 

Discussion of the initiative took place during a meeting Monday about action the G20 can take to improve global food security, IBNS/Washington Bangla Radio reports. French agriculture minister Bruno Le Maire, who is leading efforts to create a G20 plan on food and agricultural commodities price volatility, said: "We have agreed with the international business community on several priorities for action, which could be taken into account by the G20. These are designed to reduce price volatility and improve the productivity and sustainability of food systems over the long term." A total of 80 leaders from around the world participated in the meeting (6/8).